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Tobii: Seeing is believing - SEB

We cut our estimates ahead of Q2, driven by lower expectations in the Integrations segment after the announced sales figure of 600k units for PSVR2 were below our expectations. We think the revenue contribution from PSVR2 will be limited in Q2/23, while Q2/22 saw a major upfront component from landing the deal (sum undisclosed). Our new fair value range is SEK 27-33 (33-38) per share with a mid-point of SEK 30 (34).

We cut our estimates ahead of Q2, driven by lower expectations in the Integrations segment after the announced sales figure of 600k units for PSVR2 were below our expectations. We think the revenue contribution from PSVR2 will be limited in Q2/23, while Q2/22 saw a major upfront component from landing the deal (sum undisclosed). Our new fair value range is SEK 27-33 (33-38) per share with a mid-point of SEK 30 (34).
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